So you want to do your own thing

Do you have an independence that screams, “I want to do my own thing!”? Then possibly owning your own business is the answer. But where do you start? Can you do it all on your own, do you need constant assistance - or are you somewhere in between?

During research before starting my own business, I found four main choices and levels of assistance. Since how is a major decision, one as important as what you want to do, I wanted to share what I found. The four categories are:

STARTUP - That's exactly what it says - starting up all alone. You choose what you want to do, and where and how you want to do it. You create your policies, procedures, processes. All creation and execution is in your hands. This is a daunting task, and often takes much more time and money to get started because of the extensive ramp-up caused by the learning curve.

STARTUP KIT - The first step above starting on your own is purchasing a startup kit. These vary from just a brief how-to guide to a comprehensive manual and often document templates to help with the processes. Many times other items might be included, and they vary according to the price. The cost can be minimal up to thousands of dollars. The key here is the word “startup”, which indicates you’ll receive upfront help, but then you’ll be on your own. This type of purchase can be helpful for those who want to be completely independent, but want the assistance to get started.

TURNKEY BUSINESS or TURNKEY PACKAGE - If you want independence, but also prefer help with the startup plus continued support, a turnkey package is most likely for you. A turnkey business usually includes everything you need get started (just 'turn the key'). The majority of turnkey packages include a contract that provides continued support over a period of years, greatly lessen the learning curve, and provide options to renew the contract. You’ll also find turnkey packages that are barely more than a startup kit. Others can be favorably compared to a franchise because they include websites, newsletters, marketing materials, equipment and hands-on training. There are wide variations in turnkey packages; the pricing can range from hundreds to tens of thousands of dollars. There is usually a one-time up-front purchase price, but very few receive continuing royalties on your revenue.

FRANCHISE - A franchise, according to InvestorWords.com, is a business organization in which a successful firm - the franchisor - enters into a continuing contractual relationship with franchisees operating under the franchisor’s trade name. The assistance you receive from most franchises is all-inclusive from marketing to office procedures to location of your store to how you conduct your daily business. Most, if not all, franchises require royalty fees that are a typically a percentage of gross revenues each month. If you want to own your company but know that you’ll need continued assistance and support, this is probably the best choice. Most, if not all, require a background check and financial qualifications.

No matter what you choose, you usually get what you pay for. Compare before buying! Whether you start your own business from the ground up, purchase a franchise, or buy something in between, remember that the success of your business is up to you. It rests entirely on your shoulders, and your determination, hard work and perseverance create your outcome.

Cindy Hartman is co-owner of Hartman Inventory, a professional service provider of home and business personal property inventories. She and her husband also own Hartman Inventory Systsems, a turnkey packae that helps others start their own inventory business.